Subject to paragraph 2, on the appointed day all rights, obligations and property of the Law Society which are referable to its functions under the 1974 Act and the 1982 Act shall become rights, obligations and property of the Board.

Any payments which are required to be made into or out of the Old Fund in connection with legal aid or advice or assistance under the 1974 Act shall, on and after the appointed day, be paid to or by the Board.